Rents have risen dramatically on the back of foreign demand, with figures showing a single bedroom apartment fetching prices 38 per cent higher than four years ago.

Renting out a one-bedroom flat cost an average of €605 per month last year, an increase of €168 on 2012 prices, according to the National Statistics Office.

The rise for this category of apartment was the biggest recorded by the NSO for three apartment types.

Rent prices for a two-bedroom flat went up by an average of €178 per month, an increase of 29 per cent — in 2015, tenants had to shell out an average of €796 per month for this type of apartment.

The lowest increase was recorded for three-bedroom apartments, but the monthly rent still rose by 23 per cent in the same period, according to the NSO.

All prices are for unfurnished properties and exclude payments for utilities and other charges.

38%

– Rent rise for one-bedroom flat over four years

The annual rent survey is conducted with estate agencies as part of a wider programme used by the EU to adjust the salaries of staff in its institutions.

The NSO said the apartments considered for this exercise had to be of “good or very good quality” – but not luxurious – and in a residential area of good quality.

The figures show the biggest leap in monthly rental prices for single and two-bedroom flats was registered between 2014 and 2015.

In this particular year, the monthly rent for a single bedroom apartment jumped by 23 per cent while that for a two-bedroom apartment by 15 per cent after moderate increases in the previous two years.

Economist Philip Von Brockdorff said higher rental prices were a sign of a booming economy that was attracting many foreign workers, who live in rented accommodation.

With demand going up, prices have been rising and although apartments sought by many foreigners may be in the middle category, this has had a knock-on effect on rental accommodation across the board.

The flipside sees poverty campaigners decrying the increased financial burden being placed on low income families and pensioners living in rented property.